Future-RIL deal: Jeff Bezos-Kishore Biyani battle begins in Singapore

The arbitration proceedings between Jeff Bezos-led Amazon and Kishore Biyani-headed FutureGroup have begun in Singapore.

An emergency arbitration hearing between Amazon and retail conglomerate Future Group tookplace last week and a verdict is expected in the next few days, according to sources.

The hearing took place at the Singapore International Arbitration Centre (SIAC).

This follows a dispute over Future’s sale of its retail and wholesale businesses to MukeshAmbani-led Reliance Industries Ltd (RIL).

Amazon had sent legal notice to Future, alleging the retailer’s Rs 24,713-crore asset sale to RIL breached an agreement with the American e-commerce giant. The matter was heard by former Singapore attorney general V K Rajah on October 16, according to sources. He was the sole arbitrator in the Amazon vs Future vs Reliance arbitration case.